聯合品牌已成為許多行業中許多公司的喜愛的戰略。從自可口可樂與Nutra Sweet聯名，Lay與KC Masterpiece合作品牌，Nike合作品牌與Apple合作。聯合品牌不僅可以幫助企業在進入一個未知的新市場時降低風險，還可以減少營銷和廣告費用。從合作夥伴的承認中，聯合品牌可以幫助公司建立一個更強大的品牌，從而帶來穩健的未來現金流。我從Product Launch Analytics收集了2009年至2018年在美國的聯合事件。我會檢測不同級別的品牌資產是否會影響聯合協議中的異常收益。結果表明，當兩個高品牌共同合作時，兩者都會有正的異常收益。然而，在一個高品牌和一個低品牌及兩個低品牌共同合作的情況下，兩個品牌都會有負面的異常回報。我還檢驗了其回歸，結果顯示，兩個高品牌資產品牌，一個低品牌和一個高品牌和兩個低品牌的組合，隨著異常收益而正向增加。

Co-branding has been a beloved strategy for many firms in various industries. From Coca-Cola cobranded with Nutra Sweet, Lay’s co-branded with KC Masterpiece to Nike co-branded with Apple. Co-branding can not only help firms reduce risks when entering an unknown new market, but also reduce the marketing and advertising expenses. From the acknowledge from the partner, co-branding can help firm build a stronger brand which leads to firm future cash flow. I collect co-branding events in United States from 2009 to 2018 from Product Launch Analytics. I exam whether different level of brand equity would affect the abnormal returns in a co-branding agreement. The result shows that when both high brand equity brands cobrand together, both will have positive abnormal returns. However, in the case of one high brand equity cobrands with one low brand equity and two low brand equity brands cobrand together, both brands would have negative abnormal returns. I also exam the regression, the result shows that the combination of two high brand equity brands, one low brand equity brand cobrand with one high brand equity and two low brand equity brands, positively increase with the abnormal returns.

1. Aaker, D. A.” Managing Brand Equity”, The Free Press, New York, NY, 1991
2. Abratt, R., & Motlana, P, Managing co-branding strategies: Global brands into local markets, Business Horizons, Vol 45 No. 5, pp. 43−50, 2002
3. Adumola Olur emi Oke, Rengin Wel, Aldnm Sire Omolola Peace, Muslbau Akintunde Ajagbe, and Mercy Isiavwe Ogbari, Presente at Asai Internatiaonl Conference, 2015
4. Ali, Besharat, “How co-branding versus brand Extensions drive consumers’ evaluations of new products: A brand equity approach”, Industrial Marketing management, Vol 39, Issue:8, pp.1240-1249, 2010
5. Aron M. Levin, J. Charlene Davis, and Irwin Levin,"Theoretical and Empirical Linkages Between Consumers' Responses to Different Branding Strategies", in NA - Advances in Consumer Research Volume 23, eds. Kim P. Corfman and John G. Lynch Jr., Provo, UT : Association for Consumer Research, pp. 296-300, 1996
6. Baumgarth, C., Evaluations of co-brands and spill-over effects: Further empirical results, Journal of Marketing Communications, Vol. 10 No. 2, pp.115−131, 2004
7. Bernard L. Simonin and Julie A. Ruth, “Is a Company Known by the Company It Keeps? Assessing the Spillover Effects of Brand”, Journal of Marketing Research, Vol. 35, No. 1, pp.30-42, 1998
8. Bernd Helmig, Jan-Alexander Huber, Peter S.H. Leeflang, “Cobranding: The State Of The Art”, Schmalenbach Business Review, Vol 60 No. 4, pp.359-377, 2008
9. David A. Aaker "The value of Brand Equity", Journal of Business strategy , Vol.13 Issue: 4, pp.27-32, 1992
10. David A. Aake "Brand Portfolio Strategy", Strategic Direction, Vol. 22 Issue: 10, 2006
11. David A. Aaker and Robert Jacobson, “The Financial Information Content of Perceived Quality”, journal of Marketing Research, Special Issue on Brand Management, Vol. 31, No. 2, pp.191-201, 1994
12. Dennis A. Pitta, , "Understanding brand equity for successful brand extension", Journal of Consumer Marketing, Vol. 12 Issue: 4, pp.51-64, 1995
13. Farquhar, Peter H, “Managing Brand Equity, Marketing Research”, Vol. 1 Issue 3, pp. 24-33, 1989
14. Hillyer Clayton and Tikoo Surinder, “Effect of Cobranding on Consumer Procuct Evaluations.”, Advances in Consumer Research, Vol. 22 Issue 1, pp. 123-1237, 1995
doi:10.6844/NCKU201900406

31

15. Judith H. Washburn, Brian D. Till, Randi Priluck "Co‐branding: brand equity and trial effects", Journal of Consumer Marketing, Vol. 17 Issue: 7, pp.591-604, 2000
16. Judith H. Washburn, Brian D.Till, Randi Priluck, “Brand Alliance and Customer-based Brand-Equity Effects”, Psychology & Marketing, Volume21, Issue7, pp.487-508, 2004
17. Kelly McCarthy, Esq., and Samantha Von Hoene Sideman & Bancroft, “Co-branding: A sweet business strategy?”, Thomson Reuters, Vol. 31 Issue 18, 2014
18. Kevin Lane Keller, Strategic Brand management: Building, measuring, and managing brand equity, MG Parameswaran, I Jacob, 2011
19. Kevin Lane Keller, Conceptualizing, measuring, and managing customer-based brand equity, Journal of marketing,Vol. 57, No. 1, pp.1-22, 1993
20. Levin, A. M., Davis, J. C., & Levin, I. P, Theoretical and empirical link- ages between consumers’ responses to different branding strategies. In K. Corfman & J. Lynch (Eds.), Advances in consumer research, Vol. 23, pp.296–300, 1996
21. Linda C. Ueltschy, Co-Branding Internationally: Everyone wins?, Journal of Applied Business Research, Vol 20 No.3, pp. 91-102, 2004
22. Lisa Wood, "Brands and brand equity: definition and management", Management Decision, Vol. 38 Issue: 9, pp.662-669, 2000
23. Mary, Michael, George, and Ron, “Brand Values and Capital Market Valuation”, Review of Accounting Studies, Volume 3, Issue 1–2, pp.41–68, 1998
24. Mary E. Barth, Michael B. Clement, George Foster, Ron Kasznik, Brand Values and Capital Market Valuation, Review of Accounting Studies, Vol. 3 Issue 1-2, pp.41-68, 1998
25. Maretno Agus Harjoto and Jim Salas, “Strategic and institutional sustainability corporate social responsibility, brand value, and interbrand listing.”, Journal of prouduct & Brand Management, Vol.226 Issue 6, pp.545-558, 2017
26. Park, C. W., Jun, S. Y., & Shocker, A. D, “Composite branding alliances: An investigation of extension and feedback effects”, Journal of Marketing Research, Vol. 33 No. 4, pp. 453−466, 1996
27. Roberta Adami ,Orla Gough, Gulnur Muradoglu, Sheeja Sivaprasad, “The Leverage effect on Stock Returns”, SSRN Electronic Journal, 2010
28. Rosiner, John R. And Larry Percy, “Advertising and Promotion Management”, New York: McGraw-Hill Book, 1987
doi:10.6844/NCKU201900406

32

29. Stijn M. J. Van Osselarer, “Consumer Learning and Brand Equity”, Journal of consumer research, Vol. 27, No 1, pp.1-16, 2000
30. Stijn M. J. van Osselaer, Joseph W. Alba, Consumer Learning and Brand Equity, Journal of Consumer Research, Vol 27 Issue:1, pp.1–16, 2000
31. Stijn M. J. van Osselaer, Chris Janiszewski, C, “Two Ways of Learning Brand Associations”, Journal of Consumer Research, Vol 28 Issue:2, pp.202–223, 2001
32. Tansev Geylani, J. Jeffrey Inman, Frenkel Ter Hofstede, “Image Reinforcement or Impairment: The Effects of Co-branding on Attribute Uncertainty”, Marketing Science, Vol 27 No. 4, pp. 730-744, 2008
33. Singfat Chu and Hean Tat Keh, “Brand value creation: Analysis of the interbrandBusiness week brand value rankings”, Marketing Letters, Vol.17 Issue 4 PP.323-331, 2006
34. Stijn M. J. van Osselaer Chris Janiszewski Author Notes, “Two Ways of Learning Brand Associations”, Journal of Consumer Research, Volume 28, Issue 2, pp.202–223, 2001,
35. Simonin, B.L., & Ruth. J., “Is a company known by the company it keeps? Assessing the spillover effects of brand alliances on consumer brand attitudes.” Journal of Marketing Research, Vol.35 No.1, PP.30-42, 1998
36. Ueltschy, L. C., & Laroche, M. ,“Co-Branding Internationally: Everyone Wins?”, Journal of Applied Business Research (JABR), 20(3), 2004
37. Larkin, Y. ,“Brand perception, cash flow stability, and financial policy”, Journal of Financial Economics. Vol 110 Issue 1, pp. 232-253, 2013